Airbus could restart UK investment if parliament approves May’s Brexit deal

first_imgWednesday 28 November 2018 1:28 pm Aerospace firms may resume investment in the UK’s industry currently put on hold if Prime Minister Theresa May’s withdrawal agreement is voted through parliament, Airbus told MPs this morning.Companies have either paused investment in the UK since the EU referendum or transferred it to other markets, executives told the Commons’ Business, Energy and Industrial Strategy (BEIS) Committee. Alex Daniel Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeBetterBe20 Stunning Female AthletesBetterBeUndoMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldUndoTotal PastJohn Wick Stuntman Reveals The Truth About Keanu ReevesTotal PastUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoNoteableyFaith Hill’s Daughter Is Probably The Prettiest Woman In The WorldNoteableyUndoinvesting.comThe Military Spent $1 Billion On this New Vehicle, And Here’s The First Lookinvesting.comUndomoneycougar.comDiana’s Butler Reveals Why Harry Really Married Meghanmoneycougar.comUndoCleverstTattoo Fails : No One Makes It Past No. 6 Without LaughingCleverstUndo Airbus could restart UK investment if parliament approves May’s Brexit deal whatsapp “Those who have options have chosen to either hold and wait and see what happens or in some cases decided to put that investment into other markets or into capability in other territories,” he said.Everitt added that in an ideal world aerospace companies would like the two-year transition period to be longer.“We would always prefer to know what the new conditions are and then have a two-year plus period to adapt to them… But that’s a political issue over which we have little or no control,” he said.Jim Ratcliffe, the UK’s richest man and owner of chemicals giant Ineos, today also backed the government’s proposed Brexit withdrawal agreement, urging MPs to “put the good of the country ahead of political considerations” and vote it through. center_img Katherine Bennett, senior vice president of Airbus UK, said the company had not made any “significant” investments in the last year because of uncertainty surrounding a no-deal Brexit.She said the company had “great capability”, but “because of the uncertainty, which we want to see reversed, that is why investments have been put on hold”.But the deal was a “step forward”, she said. “If the withdrawal agreement is successful in some form or another then Airbus would consider continuing to invest as the company has done over many years.”The Prime Minister is currently fighting to win support for the deal among MPs ahead of a commons vote on 11 December, as more than 80 MPs from her own party have publicly vowed to vote it down, as well as the Democratic Unionist Party, which props up her minority Conservative government.Paul Everitt, chief executive of the aerospace industry body ADS Group, told the committee that while those that had committed to invest before the referendum had “continued with those investments”, others had put their money into other countries’ industries instead. Tags: Brexit Share whatsapplast_img read more

ESG investing: The only way is ethics

first_img The UK insurance industry is doing brilliantly on governance, but lags somewhat in environmental and social factors. (AFP via Getty Images) Also Read: ESG investing: The only way is ethics According to a recent report from the Institute for Energy Economics and Financial Analysis — a think tank partly funded by the Rockefeller family — 2019 was the “Terrible, Horrible, No Good, Very Bad Year for Oil and Gas”. But moving money around appears to be the trickiest step, says Wall. “We surveyed our clients last year, and found the majority of those surveyed had changed their lifestyle habits after watching Blue Planet. But when asked if they knew they could use their money to align with their ethics, most were not aware.” “Social factors could be considerations such as demographics, data security, or nutrition and obesity or how well a company looks after its employees, for instance,” she says. “Governance factors relate to the internal policies and processes companies have designed to ensure management acts in the best interests of its shareholders.” And even investors who know how to take control of their savings and put their money to good use can be misled if they do not keep their wits about them, as some brands turn out to be “wolves in sheep’s clothing,” according to Lisa Ashford, chief executive of investment platform Ethex. “This is proving very frustrating to customers and business. It undermines many of the initiatives to reduce carbon emissions.” It was a big moment. Sustainability has been a growing economic issue for more than a decade, but even late last year some of the world’s biggest asset managers were accused of doing little more than paying lip service to environmental, social and governance (ESG) factors in their investments. The UK insurance industry is doing brilliantly on governance, but lags somewhat in environmental and social factors. (AFP via Getty Images) Also Read: ESG investing: The only way is ethics In the past, exclusionary funds have got something of a bad rap among asset managers for failing to yield high returns and meet wider benchmarks. But this is becoming less of a concern, as pro-climate sentiment eats away the oil, gas and coal industry’s performance on the stock market. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikePast Factory4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!Past FactoryJustPerfact USAMan Decides to File for Divorce After Taking a Closer Look at This Photo!   JustPerfact USAMisterStoryWoman files for divorce after seeing this photoMisterStoryMaternity WeekAfter Céline Dion’s Major Weight Loss, She Confirms What We Suspected All AlongMaternity Weekzenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.combonvoyaged.comThese Celebs Are Complete Jerks In Real Life.bonvoyaged.comDefinitionThe Funniest Yard Signs EVER WrittenDefinitionNext RefinanceThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryNext RefinanceBeach RaiderMom Belly Keeps Growing, Doctor Sees Scan And Calls CopsBeach Raider But as the popularity of ethical investment products has grown, so have concerns about a lack of clarity around the topic. Here is a primer on the investment trend which is taking finance by storm. However, in recent years, this has evolved to give ESG investing a broader meaning. Maggie Sullivan, a spokesperson for asset manager Schroders, says the “S and the G” — social and governance — are also “fundamental to sustainable investing”. whatsapp The UK insurance industry is doing brilliantly on governance, but lags somewhat in environmental and social factors. (AFP via Getty Images) Also Read: ESG investing: The only way is ethics “If investors are serious about ESG integration, they need to consider how ESG factors affect long-term investment returns.” whatsapp When Fink speaks, however, the world tends to take notice. The asset manager holds the keys to about £5.4 trillion of investors’ cash. By the US Central Intelligence Service’s estimate, that is equivalent to about eight per cent of the money in circulation on the planet. Share “The energy sector (not including renewable energy) finished dead last in the S&P 500, the second year in a row it has held that distinction,” it noted, while the fossil-fuel industry “continued to collapse in value relative to the broader stock market”. What’s in a name? A sound investment? ESG investing: The only way is ethics “This is about boards future-proofing a company’s revenues, profits and dividends — sustaining shareholders’ investment as well as the planet.” “Climate change has become a defining factor in companies’ long-term prospects,” wrote Larry Fink, chief executive of Blackrock, in his annual letter to global company bosses last month. “I believe we are on the edge of a fundamental reshaping of finance.” The UK insurance industry is doing brilliantly on governance, but lags somewhat in environmental and social factors. (AFP via Getty Images) Also Read: ESG investing: The only way is ethics The big picture It is easy to think of climate risk as something which applies primarily to the energy sector. But the truth is that environmental factors pose a much broader economic challenge — something analysts have woken up to. center_img “Global warming poses both long-term physical risks and nearer-term risks as the energy sector shifts from fossil fuels to low-carbon alternatives. And as the criteria governing ESG investing have got wider, the downsides have faded, says Wall. “The new breed of ESG-mindful funds, which invest in the best-in-class companies across all sectors and where boards are making a concerted effort to improve the company’s ESG credentials and be more sustainable, do not have the same challenges”. “Money talks, and Blackrock controls a lot of money,” says Emma Wall, head of investment analysis at Hargreaves Lansdown. “ESG investing is officially mainstream.” Tags: Climate change The UK insurance industry is doing brilliantly on governance, but lags somewhat in environmental and social factors. (AFP via Getty Images) In practice, this means that as well as screening out carbon-heavy stocks like oil majors, investors are throwing their support behind companies that are actively changing their behaviour to have a positive impact on society. Ethex itself is a purpose-built platform through which people can invest directly in companies whose mission they can get behind. Interactive Investor, meanwhile, is trying to help people navigate the sector with its Ethical investing long list, ACE 30 ethical rated list and Ethical Growth portfolio. It is “the ultimate long-term problem,” Fink wrote last month. “There is no denying the direction we are heading. Every government, company, and shareholder must confront climate change.” The UK insurance industry is doing brilliantly on governance, but lags somewhat in environmental and social factors. (AFP via Getty Images) Also Read: ESG investing: The only way is ethics Last month’s World Economic Forum in Davos, where every year economists list the top five global economic risks in terms of likelihood, was a prime example. For the first time, all five were climate-related. Larry Fink, the chief executive of Blackrock “You will see the terms impact, green, sustainable, ethical attached to a fund, but look under the bonnet and you will see funds with companies with questionable records on fossil fuels, human rights, arms dealing or executive pay. Alex Daniel Subsequently, as interest in the field has grown, advisers have looked for new ways to offer guidance to would-be ethical investors on how best to deploy their cash. Show Comments ▼ From going vegan to opting out of having kids, the effect that the likes of Greta Thunberg and David Attenborough have had on millennial lives has been profound. Fink’s letter marks the latest chapter in a global shift which has seen more and more people redirect their money towards ethically conscious investments. Traditionally, this has ranged from excluding oil and gas companies from a portfolio, to including technology stocks or renewable energy firms — or both. Great — where do I start? “For example, real estate and infrastructure are at particular risk in areas prone to flooding, storms and wildfires. Physical climate risks also have implications for the insurance sector. Meanwhile, power utilities, oil and gas, transport and some industrial activities are at risk from the move away from fossil fuels. Wednesday 12 February 2020 4:30 am Craig Mackenzie, head of strategic asset allocation at Aberdeen Standard Investments, warns of the growing challenge for investors trying to anticipate the growing list of financial and ecological hazards. “These risks will affect the performance of certain asset classes in various ways,” he continues. More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comConnecticut man dies after crashing Harley into live bearnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com Services like these will surely become even more sought-after in the coming years, as forest fires in Australia, melting ice caps and mass protests make climate change impossible to ignore. last_img read more

Keynote speakers announced for Elders and Youth

first_imgAlaska Native Arts & Culture | Alaska Native Government & Policy | Arts & CultureKeynote speakers announced for Elders and YouthSeptember 26, 2017 by Zachariah Hughes, Alaska Public Media Share:Liz Medicine Crow, president and CEO of First Alaskans Institute, and board chair Willie Hensley give opening remarks at the 33rd annual Elders and Youth conference in Fairbanks. (Photo by Jennifer Canfield)The First Alaskans Institute has announced the keynote speakers for the 2017 the 34th Elders and Youth Conference, which begins Oct. 16, just ahead of the Alaska Federation of Natives in Anchorage.The elder keynote address will be given by Clare Swan of the Kenaitze Indian Tribe, a long-time advocate for Native fishing rights in Cook Inlet and on the Kenai Peninsula.Swan also served on the board of directors for CIRI, the regional corporation for Cook Inlet.The youth keynote speaker is Chris Agragiiq Apassingok of Gambell on St. Lawrence Island.The 16-year-old gained notoriety earlier this year when he landed a harpoon strike on a whale during a successful subsistence hunt.An online backlash ensued after a radical animal rights activist criticized the teenager online, sparking national attention.First Alaskans Institute also is hosting a private dance party with Canadian First Nation’s DJ group A Tribe Called Red during the conference. It’s the group’s second time performing in Alaska.Share this story:last_img read more

Fairbanks council OKs stipend over contaminated water

first_imgEnvironment | Interior | Local GovernmentFairbanks council OKs stipend over contaminated waterSeptember 28, 2017 by Tim Ellis, KUAC-Fairbanks Share:Fairbanks City Engineer Jackson Fox says the city has tested more than 160 wells around the city-operated Regional Fire Training Center, and in areas downgradient from the RFTC, for the presence of perflourinated compounds. Many have shown levels of PFCs that exceed the federal Environmental Protection Agency’s Lifetime Health Advisory level, which can harm human health. (Graphic by Alaska Department of Environmental Conservation)The Fairbanks City Council on Monday approved an ordinance that’s intended to help provide drinking water for property owners in an area on the city’s south side who’ve lost the use of their wells because of groundwater contamination.Mayor Jim Matherly said it’s only the first step toward addressing the mounting costs of the contamination problem.Audio Playerhttp://media.aprn.org/2017/ann-20170926-02.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume.The council voted 5-1 to approve an amended ordinance that would provide a $2,500 stipend for two years to help pay water bills for property owners along 30th Avenue near the Regional Fire Training Center, who until recently had used their wells for drinking water.Councilwoman Valerie Therrien said she voted no because she didn’t believe the ordinance would do enough to compensate those residents fairly for the loss of their drinking water supply.She said, “$2500 just isn’t enough to me.”Therrien proposed paying the water bills for property owners who were most affected by the contamination for five years.The other council members rejected that motion over a concern it would cost the city too much, but agreed to her amendment to set the stipend at $2,500 – not up to $2,500.Councilman Jerry Cleworth said the city had to draw a line somewhere.“All I can say is it’s a compromise,” Cleworth said, “It probably won’t make very many people happy.”The ordinance authorizes appropriating $100,000 for the stipends.Councilman David Pruhs, who along with June Rogers co-sponsored the ordinance, said the city in part modeled the stipend after the system North Pole set up earlier this year to help its residents deal with groundwater contamination caused by a chemical substance that leaked from an oil refinery in that city.“Their stipend was $2,000 over a two-year period,” Pruhs said. “We took their stipend and increased it.”City Engineer Jackson Fox told Pruhs that since the Fairbanks officials learned about the contamination last year, the city has paid more than $3 million to survey the problem and clean up around the training facility. That amount also covered the cost of connecting 20 properties with the area water system operated by Golden Heart Utilities, and for providing drinking water to those and another 20 properties in the area that have yet to be hooked up.“We could be looking at connecting another 25 or so homes next summer,” Fox said.Fox told the council that each hookup will cost the city $35,000.Pruhs used that figure to estimate the total amount the city will have pay in the coming year to mitigate the problem.“We’re looking at basically 65 to 70 homes, not including a water stipend at $35,000, added on to the $3 million that we’ve already spent,” Pruhs said. “We’re looking at (a total of) $5.5 million.”Cleworth said that equates to about a $1.5 million increase in the city’s property tax, that’s why the council must move quickly to limit payouts and other costs and to recover compensation from the manufacturer of the firefighting foam and other parties.“We need to get something done by next May,” Cleworth said. “Or else the residents are going to be hit with a mill-and-a-half of property tax increase.”Therrien asked City Attorney Paul Ewers whether he’s been notified of any legal claims filed against the city over the contamination issue.“We don’t have any lawsuits that were filed,” Ewers said. “We’ve had basically claims inquiries, and (we’re) just starting those discussions.”Matherly told council member the city must talk with officials from other agencies that have used the training center about their possible liability.He said he talked about that with Gov. Bill Walker last week while he was in town.Share this story:last_img read more

Comment / ANALYSIS – Shareholder pain at UTi Worldwide as its financial strength ebbs

first_img While the attention of everybody in the logistics industry this week concerns which way shareholder value will go if XPO Logistics manages to complete its $3bn purchase of Con-way, a chronic underperformer across the Atlantic has also caught our attention – 3PL UTi Worldwide.In fact, there’s every chance UTi will attract interest from suitors after its third-quarter results are announced in early December. We were right with Con-way, predicting a 30% takeover premium back in May, so let’s see how this one plays out.Of course, Denmark’s DSV is in the driving seat to acquire the ailing US-based freight forwarder.After UTi reported its quarterly update earlier this month, its shares plunged 10.4% and have not recouped much of their value. They currently change hands at $6, which implies a market cap of just $644m and a price-to-book value above 1.7 times – both of which suggest more shareholder pain is likely. By Alessandro Pasetti 14/09/2015 Its ocean and airfreight forwarding business is troubled and losses are mounting, while trust has gone out of the window after a downbeat Ebitda guidance was released by management. Estimates appeared to be too bullish, as we argued at the end of last year, and there are other problems.As quarters go by, its cash flow profile is not getting much better, once certain items are excluded, and its capital structure is clearly problematic.Now, consider this: during the three months ended July 31, UTi recorded a charge of $50m for goodwill impairment. The group “is currently in the process of finalising several of the key assumptions used in its annual goodwill impairment test and anticipates completing the process in the third quarter”, it said in its results presentation.“Changes in business strategy, government regulations, or economic or market conditions have resulted and may result in further substantial impairment write-downs of our intangible or other assets at any time in the future. In addition, we have been and may be required in the future to recognise increased depreciation and amortisation charges if we determine that the useful lives of our property, plant and equipment are shorter than we originally estimated.”Much of that is standard corporate jargon, however the timeline for goodwill impairment testing is pretty tight, and we should expect news on whether the value of other assets is out of whack with reality by the end of the year. Until then, it’s highly unlikely that any buyer will show up if there is any risk of some nasty surprises in its accounts.Cash flowGoodwill charges show on the profit and loss statement, but they are non-cash items, so they must be added to the net losses of UTi in order to determine its operating cash flow.Net losses in the first-half of the year stood at $104m ($65m of net losses were recorded in the first half of 2014), but once all the proper adjustments are made to determine UTi’s core cash flows, that comes in at a $7m in loss the first half of 2015 compared with a $125m loss the same period the year before.So, its cash flow line is up year-on-year, but it would be further in the red if UTi had not been so assiduous in collecting from creditors. In fact, its operating cash flow would be minus $64m if account receivables of $57m (-$95m in 2014) were not considered.It would be great if management told us what kind of level of receivables they see as critical going forward because then we could discover that the speed at which UTi collects its short-term credits is slowing down significantly, which is a distinct possibility, and its short-term liquidity profile might become unsustainable.It has cut back on capex, but around $30m of interest costs must be paid every six months, and it has only $200m in the bank. UTi is walking a tightrope, with a net increase in cash and cash equivalents of only $3m in the first half – the current liability side of its balance sheet leaves little room for error, too. Finally, currency swings are not playing in its favour.Hence, additional downward pressure on its stock price is very likely, unless a bigger rival comes to the rescue. Its shares are down 50% since the turn of the year, and they have fallen 8% since last week.Talking of top fallers in the market, mention must be made of XPO Logistics, whose stock lost 11% of value in a day after investors failed to digest another multi-billion deal that pushes up net leverage of XPO into dangerous territory. Are the bears right, though?Well, cost synergies of just 1% as a percentage of Con-way’s $5.5bn projected sales would bring in additional earnings of $60m, while the deal is accretive to XPO’s core operating margins and earnings. It should be doable – XPO forecasts up to $210m in cost savings, or about 4% of the target’s forward revenues.However, it was only at the end of April that XPO announced the $3.5bn acquisition of Norbert Dentressangle, one of Europe’s largest privately owned haulage and logistics groups. In early June, I wrote that the US group is “a textbook example of a freight brokerage firm pursuing growth – sustainable growth – that allows it to take calculated risks.”Such an aggressive M&A strategy brings heightened integration and execution risks, which could preoccupy investors more than any possible upside associated to stronger growth and earnings prospects.last_img read more

Florida Capitol security remains strong ahead of Inauguration Day

first_imgTALLAHASSEE, Fla. / CAP News — Florida National Guard troops remain on active duty to protect Florida’s Capitol after an FBI alert that put all 50 state capitol’s on alert over the weekend. Additional security precautions remain in effect and will continue at least through Wednesday’s Presidential Inauguration in Washington, D.C. An occasional helicopter circled the Capitol Tuesday, just as it has since Sunday. Armed spotters remain on the Capitol itself and surrounding buildings. On the advice of law enforcement, City Hall and the county courthouse, which sit as bookends on a short street next to the Capitol, are closed for business through Wednesday.   RELATEDTOPICS AdvertisementTags: Florida CapitolInauguration DayPresident-elect AdvertisementRecommended ArticlesBrie Larson Reportedly Replacing Robert Downey Jr. As The Face Of The MCURead more81 commentsGal Gadot Reportedly Being Recast As Wonder Woman For The FlashRead more29 comments Advertisement Advertisement Security increases around the state in preparation for the Biden Inauguration January 20, 2021 Fort Myers Black sorority celebrates significance of Kamala Harris’ vice presidency January 21, 2021 AdvertisementDC Young Fly knocks out heckler (video) – Rolling OutRead more6 comments’Mortal Kombat’ Exceeded Expectations Says WarnerMedia ExecutiveRead more2 commentsDo You Remember Bob’s Big Boy?Read more1 commentsKISS Front Man Paul Stanley Reveals This Is The End Of KISS As A Touring Band, For RealRead more1 comments A flyer produced by Daniel Baker, the self-described leftist radical arrested by the FBI last week, called on demonstrators to answer a call to arms on Wednesday. Baker is being held without bond until a hearing the day after the inauguration. “If you pose a threat to public safety, we will come for you. We will find you. And we will prosecute you,” US Attorney for Florida’s Northern District Lawrence Keefe said.On Sunday, Tallahassee Mayor John Dailey praised the Governor for sending national guardsmen to protect the Capitol.“I know that he cares for the safety of Tallahassee and the Capitol Complex as much as I do as well,” said Dailey.The guards’ deployment order runs through Sunday night, but law enforcement told us the length of the deployment is being reassessed every day. According to the City of Tallahassee, no one has requested a permit to demonstrate on Inauguration Day. WATCH LIVE: 2021 Presidential Inauguration Day Coverage January 20, 2021 AdvertisementCurtis Richardson is the longest-serving Tallahassee City Commissioner.“There are no services being provided to the general public at this point, because we are hoping people will stay home and not come to the downtown area so that they can be safe and not put themselves and others in harms way,” Richardson said.Security looks a lot like it does every four years for the Governor’s inauguration with hundreds of officers present, out of sight, unless they are needed. Here’s a schedule of the 2021 Presidential Inauguration Day events January 20, 2021last_img read more

New Religious Strategy Is Needed

first_img Entire border patrol unit in North Hamgyong Province placed into quarantine following “paratyphoid” outbreak News SHARE By Cho Jong Ik – 2011.06.22 3:07pm Facebook Twitter RELATED ARTICLESMORE FROM AUTHOR AvatarCho Jong Ik New Religious Strategy Is Neededcenter_img News [imText1]For the ten years from 1995 to 2004, churches in South Korea sent a total of 270 billion South Korean won in aid to North Korea’s Chosun Christians Federation to fund projects including the building of an orphanage. This money represented fully 77% of all private donations sent to North Korea in the same period. However, the truth is that nobody knows how the money has been spent, or by whom.Such religiously motivated support for the Chosun Christians Federation results in not only problems for other missionary work, but also prolongs the suffering of the people, according to Yoo Suk Ryul, the director of Cornerstone Church, an active missionary group working along the North Korean-Chinese border. He has just released a new book, ‘The Collapse of the Kim Jong Il Regime and North Korean Missionary Work.’In it, Yoo writes, “The Chosun Federation first came to our attention as an association affiliated to the United Front Department of the Chosun Workers’ Party so, to that extent, funds from missionary organizations are obviously propping up the Kim Jong Il regime.”“It is not possible to deny that Korean churches’ aid to North Korea will reap any rewards,” Yoo concedes, but points out, “The problem is expecting anything from the Chosun Christians Federation or the North Korean government.” In the book, citing a report by UK-based Christian human rights organization, Release International, Yoo adds, “In North Korea, the failure of the currency reform and chronic food shortages have led to stricter controls and the persecution of Christians in large numbers.” In this respect, Yoo agrees that the North Korean system needs to go through wholesale change before the gospel can begin to spread. Top-down change would be impossible. He says the people must take on a new awareness and combine their strength to make sweeping changes from the bottom-up.“The rebuilding of the church should not be done through an organization affiliated to the Kim Jong Il regime or the Chosun Workers’ Party,” Yoo therefore asserts. Rather, he believes assistance should be rendered to underground churches, to begin the spread of the gospel from the bottom up. In addition, “To date, Chinese-Koreans and our defector brethren have received training in China, and through this indirect method have entered North Korea to establish underground churches.” However, “North Korea’s situation both at home and abroad is change rapidly now, so missionaries need to turn to a strategy that is more direct.” Additionally, he goes on, “The Bible, radio, TV and DVDs should continue to be sent by balloon, along with all other methods of advancing the spread of the gospel,” and explained, “This is a strategy to force Pyongyang’s fall through the gospel.” Yoo has invested much time and effort into persuading Korean churches to end their existing missionary work in North Korea, and follow a new path. “Missionary work in North Korea is not something that can be accomplished with a strategy of passion alone,” he writes, “This missionary strategy does not grasp the essence of the North Korean system; it is a house of cards.” There are signs that North Korea is running into serious difficulties with its corn harvest North Korea tries to accelerate building of walls and fences along border with China News News last_img read more

OSC roundtable to discuss women on boards

CSA to launch diversity consultations The Ontario Securities Commission (OSC) will hold a public meeting to consider its proposals that would require public companies to disclose their approach to gender diversity. The OSC said Monday that it will be hosting a roundtable on October 16, to further explore the issues raised in a consultation paper it released in the summer regarding the under-representation of women on corporate boards and in senior management, and possible new disclosure requirements that aim to address the issue. NASAA to offer female-focused investor education U.K. regulator to consider diversity requirements for public companies Share this article and your comments with peers on social media The commission says that the roundtable will help inform its next steps on this initiative. Additionally, it is extending the comment period on the paper from September 27 to Oct. 4. In July, the OSC issued a consultation paper examining the issue of gender diversity on corporate boards and in upper management, which, among other things, seeks feedback on a proposal to require TSX-listed firms to set out various aspects of their gender diversity efforts in annual governance disclosures. It also seeks input on the details of possible new disclosure requirements; the best ways to improve gender diversity; whether the regulator should recommend that firms have a policy on the issue, and, if so, should it recommend the content of those policies; among other things. (See Investment Executive, OSC eyes gender diversity of boards, July 30, 2013.) The roundtable, which will take place at the OSC’s offices in Toronto, will be hosted by OSC chair, Howard Wetston; executive director, Maureen Jensen; and, vice chair, Mary Condon. It’s scheduled external panellists include: Aaron Dhir from Osgoode Hall Law School, York University; Pamela Jeffery of the Canadian Board Diversity Council; Alex Johnston of Catalyst Canada; Éric Lamarre from McKinsey & Company, Inc.; the Ontario Teachers’ Pension Plan’s Jim Leech; Stan Magidson from the Institute of Corporate Directors, Royal Bank’s new chair, Kathleen Taylor; and, Annette Verschuren, NRStor Inc. and Cape Breton University. The regulator’s effort to tackle this issue follows a pledge from the provincial government in its latest budget to enhance this sort of disclosure, as a way of encouraging greater female representation in executive suites and boardrooms. James Langton Keywords Corporate directors,  WomenCompanies Ontario Securities Commission Related news Facebook LinkedIn Twitter read more

Slideshow: Big differences among banks’ advisors

first_img Canada’s Big Six banks are often viewed as a monolith — a largely homogenous force that dominates the Canadian financial services sector. Yet, the data obtained for Investment Executive‘s 2017 Report Card on Banks indicate that the banks’ branch-based investment businesses are far from identical.In fact, the results of this year’s Report Card reveal that the banks appear to be taking different approaches to this segment of their retail financial services business. Drilling into the data for each bank reveals a wide gap in the size of the books that branch-based financial advisors are running, their productivity levels and the compensation they’re receiving. Pension plans leave much to be desired At some banks, branch-based advisors resemble full-service advisors at brokerages and dealers; at others, they appear to be positioned much closer to traditional frontline retail bankers. These differences in approach, coupled with data that can be particularly volatile because of relatively small sample sizes, suggests that there’s a wide range of variation in the banks’ investment businesses. Big differences among banks’ advisors National Bank of Canada This year’s survey appears to be capturing an older, more experienced segment of National Bank’s retail sales force as average age and industry experience are both up year over year. Yet, at the same time, average assets under management, client numbers and productivity are all down from 2016. Report Card on Banks 2017: Editors discuss key themes Big differences among banks’ advisors Share this article and your comments with peers on social media Big differences among banks’ advisors Author: James Langton Source: Investment Executive Research Copyright: Investment Executive Report Card on Banks 2017 main chart Author: James Langton Source: Investment Executive Research Copyright: Investment Executive × Canadian Imperial Bank of Commerce CIBC advisors report some of the largest books on the Street as their average assets under management are $138.9 million, which is more or less unchanged from last year. At the same time, CIBC advisors report lower client numbers than they did a year ago. As a result, their productivity is up, indicating that these advisors are focusing increasingly on their larger clients. Big differences among banks’ advisors Big differences among banks’ advisors Bank of Nova Scotia Scotiabank advisors appear to be operating in a much different environment than most of the other big banks. They report notably smaller books in terms of average assets under management (AUM); yet, their client rosters are also much larger than those of their counterparts at the other banks. As a result, their average productivity, as measured by AUM/client household, is notably lower as well while their compensation is particularly skewed toward the lower end, with 95.5% reporting that they earn less than $100,000. Bank of Montreal BMO has one of the youngest branch-based sales forces in the survey, with an average age of 39.4 years old. That said, advisors’ average age and average industry tenure is up by about two years from 2016, indicating that this year’s survey is capturing a slightly older sample. In addition, their reported compensation is skewing higher as well, with only 25.7% of BMO advisors earning less than $100,000 annually according to this year’s survey, down from 46.9% last year. Toronto-Dominion Bank Advisors with TD Wealth Financial Planning, a division of TD Bank, report significant growth in their books, with average assets under management rising to $84.8 million from $59.5 million in 2016. Some of the increase may reflect differences in the sample, as the TD advisors surveyed were notably older and more experienced, on average, compared with last year. They also are among the best-paid advisors on the Street, with 39.4% of TD advisors reporting that they earn in excess of $250,000 annually. Royal Bank of Canada RBC appears to have one of the older, more experienced, higher-end sales forces on the Street. The average RBC advisor is 45.3 years old, with 20.8 years of experience in the business. With average assets under management (AUM) at $117.3 million and AUM/client household averaging $533,512, RBC advisors are also running some of the banking channel’s biggest, most productive books. They are also rewarded for their bigger books as 78.9% of RBC advisors are earning in excess of $100,000 a year. Author: James Langton Source: Investment Executive Research Copyright: Investment Executive Banks are failing to meet expectations Banks deliver on clients’ online access Author: James Langton Source: Investment Executive Research Copyright: Investment Executive Related news Big differences among banks’ advisors Author: James Langton Source: Investment Executive Research Copyright: Investment Executive Big differences among banks’ advisors James Langton Keywords Report Card on Banks Author: James Langton Source: Investment Executive Research Copyright: Investment Executive Facebook LinkedIn Twitterlast_img read more

Lessons from the March meltdown

first_img BMO launches new U.S. ETF series Related news The March meltdown of financial markets was a harsh reminder of the importance of risk management. It also demonstrated that diversification can go only so far in protecting against the devastating impact of black swan events such as the Covid-19 pandemic.Within the Canadian ETF universe, asset classes that are normally more stable couldn’t withstand the wave of selling, as March marked the emphatic end of an 11-year bull market in equities. Subsequent rebounds, however, vindicated advisors who had counselled their clients to remain calm and stick with their long-term financial plans. For more aggressive investors with longer time horizons, the market plunge presented opportunities for bargain-hunting. (March performance and rankings for this article were obtained from the Morningstar Advisor Workstation database.) An inhospitable environment for bond ETFs Rudy Luukko ETF inflows hit $7 billion in May Facebook LinkedIn Twitter Real estate investment trusts (REITs) are normally less volatile than the broad market, thanks in part to regular above-average distributions. Since they are interest-sensitive, they benefit from a low-rate environment. But they’re also economically sensitive. The pandemic has sparked fears of a recession or worse that would cause large numbers of both commercial and residential tenants to default on rents or terminate leases.As a result, most REIT ETFs had steeper losses than the broad equity market in March. The biggest loser, Vanguard FTSE Canadian Capped REIT Index ETF, was down 29.2%. Middlefield REIT Indexplus ETF, down 16.4%, was the only REIT ETF whose one-month loss was less than the market as a whole — and not by much.Another disappointing income-oriented equity type was preferred shares. Though they are equities, preferreds are often considered a type of fixed-income because their dividends are more secure than common dividends in the event of corporate financial distress.Even so, preferreds proved to be no haven in March, as investors shunned any type of credit risk. Losses among ETFs that invest primarily in Canadian preferreds ranged from 25.4% for Lysander-Slater Preferred Share ActivETF to 16.7% for CI First Asset Preferred Share ETF.Worse still for income-oriented investors was the plunge in the corporate bond market, affecting even the most credit-worthy issues. This ran counter to the notion that high-quality bonds protect capital when equity markets collapse.In March, Government of Canada issues held up reasonably well, while long-term U.S. Treasury bond ETFs had robust returns of 9% or more. But corporate bond prices sank as yield spreads widened alarmingly. Exemplifying the performance gap was iShares Canadian Corporate Bond Index ETF, down 7.3% in March, while iShares Canadian Government Bond Index ETF lost only 0.6%. Making matters worse, lack of liquidity in the corporate market resulted in ETFs trading temporarily at discounts to their net asset value.The lower the credit quality, the greater the fixed-income losses, many of which were in double-digit territory. At the bottom of the heap was Horizons Active High Yield Bond ETF, down 24.5%. Also incurring heavy losses were floating-rate ETFs, whose portfolios are less credit-worthy than those of fixed-income ETFs in core categories. Worst hit was Purpose Floating Rate Income Fund, down 19.1%.In the broad Canadian equity category, one-month losses exceeded 20% for more than a dozen ETFs, with the median loss of 17.7% matching that of iShares Core S&P/TSX Capped Composite Index ETF. Strategies that aim for below-market volatility or employ quality screens mostly fared better. The narrowest loss, 11.1%, was that of Franklin Liberty Risk Managed Canadian Equity ETF, whose managers at Calgary-based Franklin Bissett Investment Management employ a multi-factor methodology with growth, value, low volatility and momentum as key criteria.For investors in U.S. equity ETFs, the most popular foreign category, diversifying outside Canada paid off in March. ETFs invested in the world’s largest stock market had mostly smaller losses than their Canadian counterparts, due in part to the outperforming technology sector and less exposure to plunging energy stocks. The tech-heavy BMO NASDAQ 100 Equity Index ETF lost only 1.1%. Other outperformers within the U.S. equity category included quantitative strategies that employ low-volatility or quality-factor methodologies. The only positive return was the 1.1% earned by BMO Premium Yield ETF, which screens large-cap U.S. stocks for quality, yield and liquidity, and engages in option writing to generate income.A key performance differentiator for U.S. equity ETFs is whether they are currency-hedged. With the U.S. dollar appreciating during the month, the edge went to non-hedged funds. For example, Vanguard S&P 500 Index ETF lost 8.7%, much less than its counterpart Vanguard S&P 500 Index ETF (CAD-hedged), which was down 13%. What some Canadians might view as currency risk turned out to be a good source of diversification.As would be expected, the worst- and best-performing equity ETFs were those with sector-specific mandates. The hardest hit were energy-sector funds, which even before the pandemic were reeling from a global price war that had resulted in plunging oil prices.Among the casualties was iShares S&P/TSX Capped Energy Index ETF, down 46.8% in March. Excluding leveraged ETFs, the biggest March loser of any Canadian-listed ETF was BMO Junior Oil Index ETF, down 53.8%, mirroring the woes of Western Canada’s most vulnerable companies. On the bright side, bullion ETFs had positive single-digit returns, reflecting gold’s traditional role as a store of value.Overall in the equity categories, fewer than a dozen ETFs eked out positive returns. Heading the list were two of Evolve Funds Group Inc.’s specialty funds. Evolve Cyber Security Index Fund returned 2.1%, and Evolve E-Gaming Index ETF, apparently benefiting from stay-at-home emergency orders, gained 1.5%. Not all was rosy for the Toronto-based firm’s specialty lineup; Evolve U.S. Marijuana ETF got smoked, losing 30.7%.Elsewhere, most alternative strategies ETFs either lost money or did little more than break even in March. The notable standout was AGFiQ US Market Neutral Anti-Beta CAD-Hedged ETF, designed to hedge against falling markets. This ETF gained 10.3% in March, fulfilling its mandate as bear repellent. Keywords ETF,  Volatility,  Coronavirus Share this article and your comments with peers on social media small icebergs in bay; Fogo Island, Newfoundland Carbonbrain/123RFlast_img read more